M&T Bank Corp Reduces Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

M&T Bank Corp reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 89,212 shares of the semiconductor company's stock after selling 5,210 shares during the period. M&T Bank Corp's holdings in Marvell Technology were worth $5,493,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MRVL. Rossby Financial LCC purchased a new position in shares of Marvell Technology in the 1st quarter worth $27,000. Security National Bank purchased a new position in shares of Marvell Technology in the 1st quarter worth $31,000. Lee Danner & Bass Inc. purchased a new position in shares of Marvell Technology in the 4th quarter worth $35,000. Capital Analysts LLC grew its stake in shares of Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after buying an additional 241 shares in the last quarter. Finally, Garde Capital Inc. purchased a new position in shares of Marvell Technology in the 1st quarter worth $39,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 1.5%

NASDAQ:MRVL opened at $73.36 on Friday. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The firm has a market cap of $63.37 billion, a P/E ratio of -128.70, a P/E/G ratio of 0.78 and a beta of 1.81. The firm has a 50-day simple moving average of $67.59 and a 200-day simple moving average of $80.84.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the business posted $0.24 EPS. The company's quarterly revenue was up 63.3% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Analyst Ratings Changes

A number of brokerages have commented on MRVL. Evercore ISI dropped their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Barclays dropped their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. TD Cowen lifted their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. KeyCorp dropped their price target on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, China Renaissance assumed coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They set a "buy" rating and a $110.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $94.47.

Insider Activity

In related news, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer owned 32,094 shares in the company, valued at $2,086,110. The trade was a 3.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.19% of the company's stock.

Marvell Technology Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.

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